News Round Up: July 17, 2023
Top Story: Congressmembers Salud Carbajal (D-CA) and Lori Chavez-DeRemer (R-OR) proposed expanding the federal Child and Dependent Care Tax Credit (CDCTC) as part of the Child Care Investment Act. If passed, the bill would increase the tax credit rates from 20%-35% to 35%-50% and make the credit fully refundable. (Office of Congressman Carbajal)
- A bipartisan group of House members announced a plan to launch a subcommittee to work on issues associated with the federal Child Tax Credit (CTC), including increasing the credit and making it fully refundable. (Roll Call)
- A recent report finds that increased exposure to the federal Earned Income Tax Credit (EITC) in childhood decreases the need for public assistance in adulthood. (National Bureau of Economic Research)
- The First Five Years Fund released survey results that underscore substantial bipartisan voter support for increased federal funding for childcare programs, including the federal CTC and CDCTC. (First Five Years Fund)
- Every week, TCWF spotlights one of several partner organizations and the remarkable work happening within their respective states. Public Assets Institute released a statement highlighting legislation that expands the state EITC and CTC to all qualifying Vermont residents, including filers with an Individual Taxpayer Identification Number (ITIN). (Public Assets Institute)